Friday, January 23, 2009

The $35,000 toilet?

Sometimes you just can't make this stuff up: In early 2008, much as Merril Lynch CEO John Thain was preparing to slash expenses, cut thousands of jobs and exit businesses to fix the ailing securities firm, he was also spending company money on himself, senior people at the firm say.

According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

1) $2,700 for six wall sconces.2) $5,000 for a mirror in his private dining room.3) $11,000 for fabric for a "Roman Shade.”4) $13,000 for a chandelier in the private dining room.5) $15,000 for a sofa.6) $16,000 for a "custom coffee table.”7) $18,000 for a “George IV Desk.”8) $25,000 for a "mahogany pedestal table.”9) $28,000 for four pairs of curtains.

10) $35,000 for something called a "commode on legs.”

11) $37,000 for six chairs in his private dining room.12) $68,000 for a "19th Century Credenza" in his office. 13) $87,000 for a pair of guest chairs. 14) $87,000 for an area rug in Thain's conference room and another area rug for $44,000.15) $230,000 to his driver for one year’s work. 16) $800,000 to hire celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

So, if you gotta go on the most expensive usable toilet, try the hands-free Neorest toilet. Made in Japan by Toto.Cyclone flush & other features.Cost around $6,000.00

Thain was tapped to run Merrill Lynch as the firm suffered massive losses from investments tied to the depressed real estate market under his predecessor Stan O'Neal, who was ousted in late 2007. Those losses continued through 2008, forcing Thain and his management team to sell the brokerage firm to Bank of America in mid-September or face near certain liquidation as investors fearing further losses began pulling lines of credit and other financing.

Just last week, Bank of America announced that Merrill has suffered an unexpected loss of $1.79 billion for the fourth quarter of 2008, nearly collapsing BofA's purchase. Bank of America CEO Ken Lewis said that without $138 billion in government assistance, including the infusion of $20 billion from the federal government he would have pulled out of the Merrill deal, which was approved by BofA shareholders in early December.Thain has come under pressure in recent weeks after several top executives at Merrill, including brokerage chief Bob McCann and investment banking head Greg Fleming, abruptly resigned from the firm citing differences with Thain. People close to Lewis say his relationship with Thain was further strained by the recent massive loss. Lewis himself has faced withering criticism for rushing the buy Merrill for $28 billion after less than two days of due diligence.

Since John decided to invest in a 'john' of all johns, why ruin the atmosphere with simply toilet paper? Scottissue? Not on your life! Here we have an excellent product called Renova which costs around $20 for a 3 roll "luxury gift pack". Comes in red, orange, green, black, aqua and fuschia.

"Grossly understating the extent of Merrill's potential losses from Bank of America - assuming the latter firm's stance is to be believed: "The facts are that [Merrill's] fourth quarter was way beyond anything they said would happen," BofA spokesman Robert Stickler to the Wall Street Journal."

So why do I have such a hard-on for John Thain? Jealous? No, just tired of being lied to by CEO's and other professionals from Wall Street to Penn. Ave. to the "unbiased" rating agencies and finally to the scum at the SEC that should have caught this and Bernie Madoff in the bud.Of course if assholes like this want to poop in a toilet that costs more than the cars I drive, then I say "Welcome to America!"But when you actively deceive people to obtain that money, well I have another set of values for you:

Skye- Exactly. How they can live with themselves...well, they probably do very well.Until they happen to bump into someone that just lost their retirement because of their lies.They might have to check their health insurance deductable.

I can tell you how they live with themselves; they truly believe that they are entitled to these things. They are so divorced from the common man, that they regard as little more than animals. In their world, we exist to give them capital like a sheep exists to provide wool.

You might wish to vist coyoteprime's site.Chuckfull of goods. He is more talented than I at getting to the real meat of the situation @ hand.It's not about me or my silly posts, it's about what matters.

Thank you for your comments on your blog OSR, I feared I went a little overboard.

Hahaha KJ, if you take over Canada, our free healthcare would disappear, then where would we all be? But, on the flip side, if you took us over, we'd be given freedom of speech and we'd be able to speak out against the Jews without being arrested.

Nah, not a good enough reason, I still don't want Canada to be taken over :D